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Westpac reports fall in insurance earnings

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Westpac’s insurance business reported $293 million in overall cash earnings for the year to September 30, down from $309 million the previous year.

General insurance cash earnings fell 20% to $94 million as income declined by $32 million because of higher claims, including from Cyclone Debbie.

Gross written premium grew 1% to $508 million.

Life insurance cash earnings increased 2% to $159 million and inforce premium grew 10% to almost $1.07 billion.

New business gained 10% to $234 million and lapses increased 5% to $139 million.